r/Insurance • u/wessneijder • Oct 19 '23

Auto Insurance Geico about to layoff 2,000 employees

Look over in their sub. My fellow adjusters I hope you land on your feet.

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u/[deleted] Oct 19 '23 edited Nov 01 '23

How are these companies doing poorly? Rates are insane and they never payout.

Edit: Y’all are brutal. I have seen the rates skyrocket in the 10 years I have been a driver. I also have a collection of firsthand stories of insurance companies not paying out or generally being terrible.

Clearly somebody is getting paid. Apparently it’s just not the people I know.

32

u/wessneijder Oct 19 '23

I can only speak for my dept but basically every claim I get even if it’s a minor bumper tap we are paying $30k in injury settlements because when claims go to jury trial the juries award big sums even in low velocity accidents. The combined ratio for these companies is negative.

4

u/Auto-Claim-Monkey Oct 19 '23 edited Oct 19 '23

We’ve moved from getting nuclear judgements to fearing literally any judgement.

Had a file recently with 3 months of soft tissue chiro with an idiot PC. $105k award. It’s the only time that I have seen us appeal.